MW Frontier makes new offer to combine with Spirit Airlines via new debt, stock offering
Frontier Group Holdings Inc.'s stock rose 1.9% early Wednesday, after the low-cost carrier said it has made a compelling new offer to combine with Spirit Airlines Inc. by issuing new debt and common stock.
The proposed deal "would provide meaningful value to Spirit financial stakeholders, in excess of Spirit's standalone restructuring plan," Frontier $(ULCC)$ said in a statement. Spirit (SAVEQ) is still working its way through bankruptcy court after filing for Chapter 11 in November.
"This proposal reflects a compelling opportunity that will result in more value than Spirit's standalone plan by creating a stronger low fare airline with the long-term viability to compete more effectively and enter new markets at scale," said Bill Franke, chair of Frontier's board and a managing partner of Indigo Partners LLC.
-Ciara Linnane
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January 29, 2025 07:17 ET (12:17 GMT)
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